General Electric tumbles to post-financial crisis lows after CEO Larry Culp says he will sell assets to reduce leverage (GE)

pulse

November 12, 2018 7:17 PM

General Electric dropped as much as 10% Monday after CEO Larry Culp said he will cut the company's leverage by selling assets.

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The company recently slashed its dividend to a penny in order to free up cash.
JPMorgan on Friday dropped its price target for GE to $6, the lowest on Wall Street, citing liquidity problems.

General Electric plunged as much as 10% Monday — to a record low of $7.72 a share — after CEO Larry Culp said he feels the "urgency" to cut the company's leverage and will do so by selling assets.

"We have no higher priority right now than bringing those leverage levels down," Culp said in an interview with CNBC.

But they have been under pressure recently after the conglomerate reported disappointing quarterly results and

GE "has no plans for an equity raise."

Shares were down 54% this year.

Now read:

GE slashes its dividend to a penny, says the SEC and DOJ are investigating its power-business charge
General Electric plunges to its lowest level since the financial crisis after JPMorgan slashes its price target

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